RCAX Full Holdings

Ticker	Name	CUSIP	ETF Weight	Shares
75644T100-TRS-02/22/28-L-RCAX	Red Cat Hldgs Swap Cs-l	75644T100-TRS-02/22/28-L-RCAX	68.93%	557,379
75644T100-TRS-09/08/28-L-RCAX	Red Cat Hldgs Swap Cf-l	75644T100-TRS-09/08/28-L-RCAX	61.77%	499,468
75644T100-TRS-02/03/29-L-RCAX	Red Cat Hldgs Swap Marex-l	75644T100-TRS-02/03/29-L-RCAX	56.89%	460,000
912797SV0	United States Treasury Bill 05/21/2026	912797SV0	26.86%	1,940,000
75644T100-TRS-01/31/33-L-RCAX	Red Cat Holdings, Inc.-swap-nbcb-l	75644T100-TRS-01/31/33-L-RCAX	6.18%	50,000
75644T100-TRS-03/31/33-L-RCAX	Red Cat Holdings, Inc.-swap-nmra-l	75644T100-TRS-03/31/33-L-RCAX	6.18%	50,000
FGXXX	First American Government Obligations Fund 12/01/2031	31846V336	0.76%	55,137
Cash&Other	Cash & Other	Cash&Other	-127.71%	-9,222,182

Data as of 05/19/2026. Fund holdings are subject to change at any time and should not be considered recommendations to buy or sell any security.